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Logistics magnate buys out partner's stake in insurer

Hungarian logistics industry magnate György Wáberer on Thursday said he bought out his partner's stake in insurer Wabard Biztosító.

Wabard Biztosító changed its name to Waberer Hungaria Biztosító after buying out Arden Holding, Wáberer said.

Wáberer established Wabard Biztosító in 2008, after the mandatory vehicle policy provider of his road haulage company became the subject of an embezzlement investigation and was found to be short billions of forints.

Data from the Hungarian Association of Insurers (Mabisz) show Wabard Biztosító had revenue from premiums of HUF 2.2 billion in the first half, up 20% from the same period a year earlier.